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RMI 2101 - Qualitative and Quantitative Assessments in Risk Management

   

Added on  2020-03-04

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Information Security & Risk Management 1Information Security and Risk Management Project By Student’s NameName of the ProfessorInstitutional AffiliationCity/StateYear/Month/Day
RMI 2101 - Qualitative and Quantitative Assessments in Risk Management_1

Information Security & Risk Management 2Q.1 The Need to Balance the Qualitative and Quantitative assessments in RiskManagementIn the current world, there has been the rapid development of various projects which has increased concern to every organization to put measures that can help minimize risks and hence achieve the desired objective. As such, the best strategy to handle this is to balance both the qualitative and quantitative risk assessments. Whereas qualitative assessment aims at assessing the priority and the impact of the risks that may affect project objective, the quantitative approach focuses mainly on the numerical analyzing effect of identified risks on the overall objectives (Coleman and Marks, 1999).There is a great need in balancing the two approaches of risk assessment in an investmentproject so as to comprehensively cover the risks associated. By balancing both the risk assessments, one is able to identify several risks under the normal conditionBalancing the qualitative and quantitative also is important as it predetermines the possible situations of disaster with a lot of insight (Han and Weng, 2010). This assists the concerned organization to take necessary steps of a recovery plan in advance. When only both assessment techniques are used, listing the possible disasters is usually an easy task. This is because the team is able to come up with a full comprehensive report that covers almost all the possible sources of risk at all levels. Additionally, both the qualitative and quantitative assessments help to cover all kinds of disasters while working on a project.Integrating qualitative and quantitative assessments greatly helps during cases of disaster happenings and as such, it assists to evaluate the extent of damage caused (Finch, 2004). In such scenario, it is easier to plan the recovery process and putting measures to curb such future events.
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Information Security & Risk Management 3These assessments also may give a comprehensive approach to insurance companies for cases of compensation.Besides, putting much focus on the qualitative assessment alongside quantitative is beneficial when it comes to elimination of barriers that would otherwise prevent the effective running of an organization towards its goals (Steinbach et al., 2009). This is ensured by making sure everything is in its rightful place before commencing on the operational phase of a project or organization. When such barriers are eliminated, there improved productivity and quality of work output will be higher as well. In cases where qualitative and quantitative assessments were not properly done together, the cases of time and resource wastage are usually more frequent. For instance, when employees have to deal with defective tools and equipment as a result of a failure in planning, they waste a lot of time fixing them (Smit and Watkins, 2012). As such, the company will lose resources and time and will not achieve optimal productivity.Moreover, the workers in a company or Organisation are usually entitled to safe working environments. This is normally achieved by foreseeing future events that may deny the workers this right. Therefore, the best way to handle such is not only incorporating qualitative risk assessment but also quantitative. With such safety environments, workers will remain committedand happier (Nilsson, 2008). This will result in a boost in the company’s production.There is also a great need to integrate both the qualitative and quantitative risk assessments especially when it comes to identification of highly risky areas in an organization. Such areas are usually difficult when only one risk assessment is used. Hence, integrating the two not only help in highlighting the highest risk areas in the organization's project but also increases the confidence among the team in the overall project execution plan. Typically, this
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